SoundHound AI (NASDAQ:SOUN) Shares Up 5.1%

SoundHound AI, Inc. (NASDAQ:SOUN) was up 5.1% during mid-day trading on Monday . The company traded as high as $4.60 and last traded at $4.57. Approximately 3,808,074 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 37,543,320 shares. The stock had previously closed at $4.35.

Analysts Set New Price Targets

Several research firms have recently weighed in on SOUN. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a report on Monday, August 12th. Northland Securities boosted their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the company from $5.00 to $7.00 in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Price Performance

The firm’s fifty day moving average price is $4.82 and its two-hundred day moving average price is $5.04. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -12.03 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the previous year, the company posted ($0.10) EPS. The firm’s revenue was up 53.8% on a year-over-year basis. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 116,504 shares of SoundHound AI stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the transaction, the chief executive officer now directly owns 953,333 shares in the company, valued at $3,765,665.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CTO Timothy Stonehocker sold 16,039 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $64,797.56. Following the completion of the sale, the chief technology officer now owns 867,531 shares in the company, valued at $3,504,825.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Keyvan Mohajer sold 116,504 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the transaction, the chief executive officer now owns 953,333 shares in the company, valued at $3,765,665.35. The disclosure for this sale can be found here. Insiders have sold a total of 521,728 shares of company stock worth $2,501,976 in the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors have recently made changes to their positions in the company. Hexagon Capital Partners LLC bought a new stake in shares of SoundHound AI during the 1st quarter worth $29,000. DecisionPoint Financial LLC bought a new stake in SoundHound AI in the first quarter worth about $40,000. Kings Path Partners LLC purchased a new position in SoundHound AI in the second quarter valued at about $28,000. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI in the second quarter worth about $31,000. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of SoundHound AI in the first quarter valued at approximately $55,000. Institutional investors own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.